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More than 70% of business executives worldwide feel that if they take advantage of the internet of things (IoT), it will have a significant impact on business outcomes. However, according to research, over half also agree that there’s still confusion surrounding the concept.
Between March and April 2016, the Internet of Things Institute surveyed 996 business executives worldwide about their attitudes toward the IoT.
According to the data, the majority (71%) of respondents said they are interested in understanding the purpose and significance of the IoT for their business. But perhaps more important, while 65% agreed implementing the IoT would probably put their organization at an advantage, 59% said the concept itself remains muddled.
eMarketer defines the IoT as an interconnected ecosystem of internet-enabled objects, including artificial intelligence software, analytics programs and others.
Aside from the growing pains of understanding the IoT, there's no question that various industries are allocating more budget to the concept. But which ones, in particular? A July 2015 study from Tata Consultancy Services, found that the global travel and hospitality industry devoted the most spend to IoT—on average about $128.9 million in 2015 per company—compared to other verticals.
But even firms in industries that may not be big IoT spenders quite yet—retailers, for example—feel positive about the advantage it can bring to their organizations. Tata reported retailers worldwide had spent an average of $41.8 million on the concept in 2015. In a separate August 2015 study from Retail Systems Research, more than half of retailers said they believed the IoT is poised to dramatically change the way companies do business in the next three years.
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